Dear Mr. Chairman

AUTHOR(S)

Lee, Shelley A.

PUB. DATE

November 2001

SOURCE

Journal of Financial Planning;Nov2001, Vol. 14 Issue 11, p54

SOURCE TYPE

Academic Journal

DOC. TYPE

Article

ABSTRACT

The article focuses on compliance and regulation among financial planning professionals in the United States. In the accurate, concise, black-and-white world of compliance and regulation for financial planning professionals, much of the information--aka rules and regs--seems, according to many planners, totally irrelevant to their businesses. All in the name of consumer protection. Perhaps the regulators--possibly even in-house broker/dealer compliance professionals--just don't quite understand the nature of financial planning today enough to enact true functional regulation. Much of the regulation designed to protect the public doesn't even apply to planners. There's the U.S. Securities & Exchange Commission and the states for investment advisers and the NASD for registered reps and they don't come together all that often. But for a broker/dealer of independent planners made up of those very people, who are often one and the same, it comes together every day. Other compliance consultants believe that planner grumbling about the burdens of compliance and regulation has little, if anything, to do with regulators not understanding who or what a financial planner is, but more to do with planners' refusal to deal with the disclosure issue head-on. INSET: Karaoke and Compliance: Reps Just Wanna Have Fun.

ACCESSION #

5522730

Related Articles

The article discusses the 2014 National Exam Program (NEP) priorities of the U.S. Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examination (OCIE). Market-wide priorities include fraud detection and prevention, conflicts of interest, technology, and retirement...

The article highlights issues confronted by the U.S. financial planning industry ten years ago. It cites the proposal by the Securities and Exchange Commission to establish a self-regulatory organization (SRO) that will oversee and examine the regulation of registered investment advisers (RIA)...

The article focuses on the findings of the Securities and Exchange Commission's (SEC) study entitled "Study Regarding Obligations of Brokers, Dealers, and Investment Advisers" mandated in the Dodd-Frank Act in the U.S. The study was designed to determine weather the fiduciary standard should...

The article discusses the importance for financial advisory companies to fill up the Securities and Exchange Commission's (SEC) revised ADV Part 2A or brochure in the U.S. It outlines the contents of the improved form to provide investment advisory clients with greater transparency, as well as...

The editorial focuses on the role of compliance in the lives of financial planners. From the planner's perspective, meeting compliance requirements, whether it's the U.S. Securities & Exchange Commission, the National Association of Securities Dealers, the states or broker/dealers, is a daily...

The article reports that only 10% of hedge fund advisors that signed up with the U.S. Securities & Exchange Commission before the February 1, 2006 deadline have opted to withdraw after the fight for the right to remain unregistered, while the remaining are getting ready for examinations. The...

The article presents the author's views as a financial planner about the impact of the financial reform passed by the U.S. Congress on issues in the financial planning industry. He notes that the financial reform package is mandating the Department of Securities and Exchange Commission (SEC) to...

Reports on the U.S. Securities and Exchange Commission's approval of final rules that would require registered investment advisers to adopt codes of ethics that establish standards of conduct for their employees. Requirement that funds with front-end sales loads disclose more information to...

The author offers advice for consumers on the questions to ask an investment advisor as the U.S. Securities and Exchange Commission changed the disclosure requirements for them. He cites that a client must ask an advisor if he or she used a third-party custodian to hold customer's assets, if...